MTEI - Mountain Energy - No BASHING Allowed Message Board

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Microcap & Penny Stocks : MTEI - Mountain Energy - No BASHING Allowed

MTEI 0.00430

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Dec 17 1:29 PM EST

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To: Howard C. who wrote (9746)	8/26/1998 6:24:00 PM
From: Patricia	Read Replies (2) of 11684

Good Evening, All...FYI for MTEI shareholders who may be interested: I was concerned about how to claim a loss on this stock if it becomes worthless...so I contacted the IRS and here is what they replied: Subject: IRS Email Tax Law Assistance Date: Tue, 25 Aug 1998 11:11:08 -0500 From: null@irs.gov If you own securities and they become totally worthless, you can take a deduction for a loss, but not for a bad debt. The worthless securities are treated as though they were capital assets sold on the last day of the tax year if they were capital assets in your hands. Report worthless securities on line 1 or line 9 of Schedule D (Form 1040), whichever applies. In columns (c) and (d), write "Worthless." For additional information, refer to [Publication 550],Investment Income and Expenses (Including Capital Gains and Losses). The pubs and forms may be downloaded on our web site. Their web site for forms is: irs.ustreas.gov Patricia

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